(As Published in the Economic Times on November 8, 2016) Rs 500 and Rs 1000 Notes Ban With Immediate Effect Tax professionals have welcomed the move by the Modi government to ban the Rs 500 and Rs 1000 notes with immediate effect. “It is a drastic but positive step that will help stamp out the menace of black money,” says tax and investment expert Balwant Jain. Jain says if you … [Read more...] about Tax Professionals Welcome Move to Ban Rs 500-1,000 Bank Notes
Narkhede can cut tax by investing in NPS, buying health insurance
Swapnil Narkhede earns well, but pays a very high tax because his salary structure is not very tax friendly. Taxspanner estimates that the Mumbai-based engineer can cut his tax by nearly Rs 45,000 if he puts more into the NPS and buys health insurance for his family. Narkhede should ask his employer to put 10% of his basic pay in the NPS under Section 80CCD(2d). If Rs 98,400 is … [Read more...] about Narkhede can cut tax by investing in NPS, buying health insurance
Reasons to e-File your Return Now
Most of you who have already missed this year’s return filing deadline, assume that you can postpone this activity indefinitely. However, this is not true. Here is a list of reasons to file your return now without any further delay: Notice And Penalty For Mismatch With Cash Deposits: With the sudden demonetization of Rs. 500 and Rs. 1000 currency notes, all cash deposits in … [Read more...] about Reasons to e-File your Return Now
Narayanan to put more in NPS, buy family health cover to cut tax
Sankaran Narayanan, 34, works for a company that lets employees restructure their salary structure. TaxSpanner estimates that the Bengaluru-based professional can reduce his tax by nearly Rs 45,000 if he puts more into the NPS and buys health insurance for his family. Narayanan should start by asking his company to put 10% of his basic pay in the NPS under Section 80CCD(2d). If … [Read more...] about Narayanan to put more in NPS, buy family health cover to cut tax
Missed Return Filing Deadline? You Can Still File Return Till 31st March, 2018
The last date of filing income tax return for individuals was 31st July, 2016 which was extended to 5th August, 2016 later on, for income earned in the financial year 2015-16. If a taxpayer has not filed a return by this date then he can still do it under the “belated return” category. Income tax rules provide that a return can be filed anytime within two years from the end of … [Read more...] about Missed Return Filing Deadline? You Can Still File Return Till 31st March, 2018
